C&W Negotiates Leases at Miami Tower
- Oct 20, 2017
Cushman & Wakefield arranged a series of leases at One Biscayne Tower, a 1,071,726-square-foot, Class A office tower in Miami’s central business district. The agreements encompass more than 65,000 square feet and are valued at approximately $20 million.
Located at 2 S. Biscayne Blvd., the property held the record as the tallest building in Miami upon its completion in 1972. L&B Institutional, an entity affiliated with Dallas-based L&B Realty Advisors, acquired One Biscayne Tower for $87.3 million in 1996, Yardi Matrix data shows. The owner renovated the building extensively in 2014 and updated common areas, vacant spaces and tenant corridors.
The team of Vice Chairman Brian Gale, Managing Director Andrew Trench, Managing Director Ryan Holtzman and Director Jeannette Mendoza represented the landlord in securing leases with Stantec Architecture, Research to Practice, Kaplan Zeena, the Panama Maritime Authority, Banco do Brasil Securities, Wald, Gonzalez, & Graff P.A., Lipcon, Margulies, Alsina & Winkleman P.A. and MGM Holdings.
“We expect that demand will continue downtown, as Brickell remains extremely tight with single-digit vacancy and fewer and fewer options. Downtown is well positioned over the next couple of years to absorb space and increase the occupancy rate,” Gale said in prepared remarks.
Stantec Architecture renewed its existing lease on the tower’s 16th floor and expanded by an additional 9,500 square feet. The firm now occupies more than 22,000 square feet on the 15th and 16th floors. Research to Practice, a medical education company, renewed its 13,426-square-foot headquarters lease on One Biscayne Tower’s 36th floor, while Banco do Brasil Securities renewed its 4,744-square-foot lease on the 31st floor. MGM Holdings, a subsidiary of MGM Innova Group, inked a renewal for its 2,165-square-foot headquarters lease on the 26th floor.
The law firm of Wald, Gonzalez & Graff P.A. renewed the lease on its 3,503-square-foot space on the 35th floor and Lipcon, Margulies, Alsina & Winkleman P.A. agreed to renew its 3,110-square-foot lease on the 17th floor. Kaplan Zeena, a law firm specializing in professional liability, relocated its office to One Biscayne Tower, leasing 9,020 square feet on the building’s 30th floor, while the Panama Maritime Authority relocated from 369 Lexington Ave. in New York. It will occupy 6,405 square feet on the property’s 24th floor.
One Biscayne Tower is LEED Gold certified and ENERGY STAR rated. Tenants enjoy access to amenities including a fitness center, convenience store, four ATMs and numerous bank branches, deli, full-service print shop and car wash. Other notable tenants include Zarco Einhorn Salkowski & Brito P.A., FTI Consulting, Veritext, Foreman Friedman, Flagler Investment and Verizon. The building overlooks Biscayne Bay, Bayfront Park and is within walking distance of courthouses, hotels, restaurants and retailers.
Images courtesy of One Biscayne Bay